Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Park at Estancia, a newly constructed, 320-unit multifamily property situated within the master-planned community of Estancia Hill Country in the Far South neighborhood of Austin, Texas.
“Far South Austin has seen exceptional growth and strong multifamily fundamentals in recent years, including above average rent growth and high occupancy,” said Will Balthrope, IPA executive director. Balthrope, Jordan Featherston, IPA director and Kent Myers, Marcus & Millichap senior vice president investments, represented the seller, GenCap Partners, and procured the buyer, Churchill Forge. “The long-term outlook for Austin’s labor market remains strong, despite the effects of the pandemic,” added Myers. The property is located 10 miles south of Downtown Austin on the Interstate 35 Corridor near State Highway 130, which provides commutes to Austin-Bergstrom International Airport, Circuit of the Americas, and Tesla’s new $1.1 billion Cybertruck factory. Shopping, dining, and retail are nearby at the 400-acre Southpark Meadows shopping center.
“Our team has continued to see record turnouts and pricing on all Austin listings,” commented Featherston. “We took Park at Estancia out for just four weeks of broad marketing and even in the midst of a global pandemic we conducted 18 in-person tours and procured 18 offers. At current pricing, we exceeded the highest comparable in the South Austin submarket by 14%.” Developed by GenCap Partners on 16 acres in 2020, the property is located within a 600-acre mixed-use development with a planned hospital, parks, trails, and single-family homes valued at more than $400,000. Park at Estancia has a resort-style pool that overlooks a community beer garden, large and small pet yards, carports, garages, and Hill Country views.
“Park at Estancia has outperformed our proforma expectations,” said Todd Thomas, executive vice-president of GenCap. “The highly amenitized property leased up at a record pace thanks to its location, high-end quality development and customer-oriented service provided by the leasing and management team of Allied Orion Group.”
“We serve Austin and all major metros throughout the state with a single team of multifamily investment professionals and that was an essential element in the successful closing of this transaction,” added Balthrope.